Bank Of America Sues Bear Stearns, Fund Managers

By Denise Oliveira

Law360, New York (October 29, 2008, 12:00 AM ET) -- Bank of America NA has sued the asset-management unit of Bear Stearns Cos. and two former hedge fund managers for deceiving the bank into entering into a costly — but failed — transaction to save two funds, which collapsed in June 2007, flooding the market with mortgage-backed securities.

Fund managers Ralph Cioffi and Matthew Tannin were charged with securities fraud in connection with the collapse of the funds in a New York federal court in June and have also been sued by the U.S. Securities and...
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